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ben bernanke celebrating his 59th birthday today. we want to know, what do you think bernanke will be wishing for when he blows out his birthday candles which, of course, is what you do if you're on the board of the fomc? tweet us, @squawkstreet. we'll read some of your answers next. sors. can i help you? i heard you guys can ship ground for less than the ups store. that's right. i've learned the only way to get a holiday deal is to camp out. you know we've been open all night. is this a trick to get my spot? [ male announcer ] break from the holiday stress. save on ground shipping at fedex office. [ male announcer ] break from the holiday stress. ...so as you can see, geico's customer satisfaction is at 97%. mmmm tasty. and cut! very good. people are always asking me how we make these geico adverts. so we're taking you behind the scenes. this coffee cup, for example, is computer animated. it's not real. geico's customer satisfaction is quite real though. this computer-animated coffee tastes dreadful. geico. 15 minutes could save you
ben bernanke celebrating his 59th birthday today. we want to know, what do you think bernanke will be wishing for when he blows out his birthday candles which, of course, is what you do if you're on the board of the fomc? tweet us, @squawkstreet. we'll read some of your answers next. sors. can i help you? i heard you guys can ship ground for less than the ups store. that's right. i've learned the only way to get a holiday deal is to camp out. you know we've been open all night. is this a trick...
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. >> ben bernanke's latest move to stimulate the economy, is it actually hurting things? steve liesman and rick santelli tackle it out next. >> oh, boy. and we'll hear from a top republican lawmaker warning that the real fiscal cliff is a couple years away when the economy could collapse because of runaway spending. congressman paul brown will join us. >> and top picks for 2013. you'll never guess what stock he likes the most. >> hmm. >> back in a moment with that. [ male announcer ] with wells fargo advisors envision planning process, it's easy to follow the progress you're making toward all your financial goals. a quick glance, and you can see if you're on track. when the conversation turns to knowing where you stand, turn to us. wells fargo advisors. [ male announcer ] you build a reputation by not breaking down. consider the silverado 1500 -- still the most dependable, longest-lasting full-size pickups on the road. and now we've also been recognized for lowest total cost of ownership -- based on important things, like depreciation, fuel, and maintenance costs. and now
. >> ben bernanke's latest move to stimulate the economy, is it actually hurting things? steve liesman and rick santelli tackle it out next. >> oh, boy. and we'll hear from a top republican lawmaker warning that the real fiscal cliff is a couple years away when the economy could collapse because of runaway spending. congressman paul brown will join us. >> and top picks for 2013. you'll never guess what stock he likes the most. >> hmm. >> back in a moment with that....
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ben bernanke will kind of be our special guest. i hear that randolph and mortimer duke are buyers, not sellers. [ male announcer ] when it comes to the financial obstacles military families face, we understand. at usaa, we know military life is different. we've been there. that's why every bit of financial advice we offer is geared specifically to current and former military members and their families. [ laughs ] dad! dad! [ applause ] ♪ [ male announcer ] life brings obstacles. usaa brings advice. call or visit us online. we're ready to help. try running four.ning a restaurant is hard, fortunately we've got ink. it gives us 5x the rewards on our internet, phone charges and cable, plus at office supply stores. rewards we put right back into our business. this is the only thing we've ever wanted to do and ink helps us do it. make your mark with ink from chase. we believe the more you know, the better you trade. so we have ongoing webinars and interactive learning, plus, in-branch seminars at over 500 locations, where our dedicated
ben bernanke will kind of be our special guest. i hear that randolph and mortimer duke are buyers, not sellers. [ male announcer ] when it comes to the financial obstacles military families face, we understand. at usaa, we know military life is different. we've been there. that's why every bit of financial advice we offer is geared specifically to current and former military members and their families. [ laughs ] dad! dad! [ applause ] ♪ [ male announcer ] life brings obstacles. usaa brings...
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and ben bernanke's press briefing at quarter past. the fed is expected to announce a new round of bond purchases as its latest program, operation twist, is set to expire at the end of the month. cnbc will begin at 12:00 p.m. eastern. >>> joining us is stewart richardson, partner at rpmg. the press conference -- we'll hear a fresh round of stimulus from the fed. how significant would that be? >> in my mind it's not that significant. i think as optics, people think this is another addition to the stimulus. the fact is that the fed for months and months and months when they go out to purchase longer term treasuries, they're trying to reduce the supply of those in the market and effectively swap short dated cash or other securities. north about 1.25%. whether they're holding reserves or selling the, say, two-year treasury at north of 2 5 basis points, it's effectively the same thing. they're printing 85 million a month and saying we're not doing a twist, we're doing an outright purchase. >> it's different if twist doesn't expand the balan
and ben bernanke's press briefing at quarter past. the fed is expected to announce a new round of bond purchases as its latest program, operation twist, is set to expire at the end of the month. cnbc will begin at 12:00 p.m. eastern. >>> joining us is stewart richardson, partner at rpmg. the press conference -- we'll hear a fresh round of stimulus from the fed. how significant would that be? >> in my mind it's not that significant. i think as optics, people think this is another...
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boy, i would think the fed and ben bernanke are rooting hard for that one. we saw how the market is moving on every single development out of washington, with stocks quickly coming off of their session lows today, just on the report that the two main players would finally get in the same room, look at each other eye to eye and talk this out. even with the fed's latest contortions yesterday, it freely admits it does not have the tools that will combat the affects of a fiscal cliff debacle. ben bernanke and his fed cohorts have done the job that congress should have been doing all along. if he had his way, it would not have been the fed doing so much to help this economy. it would have been our elected officials. the job that they're paid to do. he stepped in because he had to, not because he wanted to. now, the message is clear. the fed cannot fix washington's ineptitude this time, if they can't come to a compromise and make a deal. so, you sure can be sure
boy, i would think the fed and ben bernanke are rooting hard for that one. we saw how the market is moving on every single development out of washington, with stocks quickly coming off of their session lows today, just on the report that the two main players would finally get in the same room, look at each other eye to eye and talk this out. even with the fed's latest contortions yesterday, it freely admits it does not have the tools that will combat the affects of a fiscal cliff debacle. ben...
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it's ben bernanke's birthday. happy birthday, ben. "squawk box" begins right now. >>> good morning and welcome back to south carolina here on cnbc. i'm andrew ross sorkin along with joe kernen. becky is off today. dino kosof, he's going to have a lot to talk about when it comes to what mr. bernanke just said. later in the program, we'll talk to pimco's kneneal ashkari. >>> a surprise from ben bernanke, linking unemployment to monetary policy. rates will be staying where they are right now, which is close to zero, of course. until at the very least the jobless rate falls to 6.5%. we can only cross our fingers wherefore when that might be. ben bernanke says these changes will make the central bank more transparent adding they can only help the markets. the central bank ramped up its asset purchase program adding $40 billion to its $40 billion a month purchases of mortgage-backed bonds. he spoke about the objectives during wednesday's news conference. >> the asset purchases and the rate increases have different objectives. the asset purc
it's ben bernanke's birthday. happy birthday, ben. "squawk box" begins right now. >>> good morning and welcome back to south carolina here on cnbc. i'm andrew ross sorkin along with joe kernen. becky is off today. dino kosof, he's going to have a lot to talk about when it comes to what mr. bernanke just said. later in the program, we'll talk to pimco's kneneal ashkari. >>> a surprise from ben bernanke, linking unemployment to monetary policy. rates will be staying...
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waiting for news on the fiscal cliff and what ben bernanke if he have anything to say about the fiscal cliff after two-day meeting by federal reserve. they are also watching for bond action. i want to touch on something you were saying. mcdonald's, a a contributor to the dow strength. these are contributing, very moderate strength. we are seeing strength and materials, healthcare industrials, that where mcdonald's trades, they are lower today. one of the reasons we were talking about same store sales and mcdonald's being stronger, that is a boost to its stock. but we have seen a pull back, most notably the gap before pressure. disappointed and a number of retailers did. that number is a mixed as we head toward thursday. the retailers on the retail sales figures for the month of november. quickly, touch on one deal today. honeywell making acquisition of intermac. $10 a share. honeywell, it wasn't unexpected. started taking a leg down on that. brian back to you. >> mary, thank you. >>> part of what is giving the market move today along with renewed confidence perhaps. in the chinese econ
waiting for news on the fiscal cliff and what ben bernanke if he have anything to say about the fiscal cliff after two-day meeting by federal reserve. they are also watching for bond action. i want to touch on something you were saying. mcdonald's, a a contributor to the dow strength. these are contributing, very moderate strength. we are seeing strength and materials, healthcare industrials, that where mcdonald's trades, they are lower today. one of the reasons we were talking about same store...
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ben bernanke will feel it's his job to do whatever he can. that's the nature of the team, that's the nature of what they've been doing. are there any extra goodies that they might think of in your view? >> the extra goody they're talking about i would describe as operation twist. what they have been doing is driving down long-term rates, by essentially settling short-term treasuries and buying long-term treasuries. the possibility that steve just described, and it is a possibility, is that because they're running out of the short term, they will only buy the long term. that will certainly be an expansion. but the question is, will that expansion add a lot to the -- >> let me ask you about that. on a scale of 1 to 10, how powerful a tool is that? if they announce it today, mark? >> it has a significant psychological effect. but it's only psychological. it will be a long time before that would have any fundamental effect on the underlying economy. >> you know, mark, let me rather than going immediately to john on this question, let me ask you w
ben bernanke will feel it's his job to do whatever he can. that's the nature of the team, that's the nature of what they've been doing. are there any extra goodies that they might think of in your view? >> the extra goody they're talking about i would describe as operation twist. what they have been doing is driving down long-term rates, by essentially settling short-term treasuries and buying long-term treasuries. the possibility that steve just described, and it is a possibility, is...
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ben bernanke's news conference starts at 12:15 p.m. eastern time. steve joins us in a few minutes with the preview from washington. >>> another story with big implications is michigan's decision to become a righ"right work" state. it would bar members from requiring to pay member dues. the governor signed the law. >> shouldn't unions be putting out the proposition workers want to join a union and shouldn't workers be able to make a choice their dollars are going to that union based on whether they're getting results that. 's what this is doing. that's why i view this as pro worker, not anti-union. >> it is viewed as a big blow to organized union that has seen membership decline across the country. dow opened higher by 56, nasdaq by 13 and s&p by a little more than 7, a gain half a percent across the board. in asia, higher across the board, not a lot. hang seng did well, higher by 181 points. europe still open at this hour, higher across the board. a gain for germany and quarter percent for the ftse, fairly flat where decide iing he will longer be a
ben bernanke's news conference starts at 12:15 p.m. eastern time. steve joins us in a few minutes with the preview from washington. >>> another story with big implications is michigan's decision to become a righ"right work" state. it would bar members from requiring to pay member dues. the governor signed the law. >> shouldn't unions be putting out the proposition workers want to join a union and shouldn't workers be able to make a choice their dollars are going to that...
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ben bernanke just throwing a trillion dollars at this and all of a sudden today everything is coming up roses. 2 t is frustrating. didn't want it believe it. and we saw the fiscal cliff hanging over. >> do you agree with that, michael? >> bernanke doesn't come out and display one side. he is trying to talk the market into being optimistic but not too optimistic. the take away that i really thought was critical yesterday, this whole target rate gives investors a map for how to invest over the next couple of years. i have a blog on cnbc right now that talks exactly about that issue. he essentially said you stay in bonds for a year, year and a half until unemployment starts to come down into the 6s. that point, you sell, put risk on. make sure you're international -- >> my question for you, michael, is a lot of our viewers have a lot of portfolios in fixed income assets. mutual funds or whatever. what should they be doing if anything now and what is the signal for them to act and do something? >> great question. all of this is theoretical until you operational it for investors. if you a
ben bernanke just throwing a trillion dollars at this and all of a sudden today everything is coming up roses. 2 t is frustrating. didn't want it believe it. and we saw the fiscal cliff hanging over. >> do you agree with that, michael? >> bernanke doesn't come out and display one side. he is trying to talk the market into being optimistic but not too optimistic. the take away that i really thought was critical yesterday, this whole target rate gives investors a map for how to invest...
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the euro bounces on the news but stocks in europe are trading lower as ben bernanke warns monetary policy may not be enough to offset the damage if the u.s. economy goes over the fiscal cliff. >>> and the fed takes the new and surprising step in its ongoing efforts to boost the economy, tying interest rates directly to the u.s. unemployment rate. >>> plus, investors cheering the plan to save danone's plans to offset losses over the next two years. >> announcer: you're watching "worldwide exchange," bringing you business news from around the globe. >>> welcome to the program. coming up on today's show, we'll be plenty busy. we head out to tokyo where carry enjoji has been talking about the upcoming elections. then, we hone in on central london where one pilot project is living roof and major buildings. find out what green living can do go r to improve the area. >>> and today, the 1 billionth international tourist will reportedly arrive at a destination in the world. at 11:20 central time, we'll speak to the world travel council to find out why france is still the world's top destination bu
the euro bounces on the news but stocks in europe are trading lower as ben bernanke warns monetary policy may not be enough to offset the damage if the u.s. economy goes over the fiscal cliff. >>> and the fed takes the new and surprising step in its ongoing efforts to boost the economy, tying interest rates directly to the u.s. unemployment rate. >>> plus, investors cheering the plan to save danone's plans to offset losses over the next two years. >> announcer: you're...
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but i think we're also going to have to talk more about ben bernanke. if we go off the fiscal cliff, it shows the irony of how the feds balance sheets isn't addressing the problem. it isn't addressing unemployment. one hand of the government is trying to do something that isn't working and the other hand is shooting in the foot. i think this is going to be interesting listening to bernanke on wednesday. >> ben has already put it out there there's not a lot the fed can do if we go off the fiscal cliff. you speak to a lot of smart people, rick santelli. >> and he's a smart person as well. >> to feel it's going to be a year of strong dollar or weaker dollar. i ask this because so many companies during their latest earning season have pointed to the strong dollar as a real problem for them if they're a multinational. >> i think the relationship between all the developed countries using printing presses like the dollar, yen, euro, are close to levels and ranges we'll see next year. i think in some of the asian currencies we need to pay more attention to. you
but i think we're also going to have to talk more about ben bernanke. if we go off the fiscal cliff, it shows the irony of how the feds balance sheets isn't addressing the problem. it isn't addressing unemployment. one hand of the government is trying to do something that isn't working and the other hand is shooting in the foot. i think this is going to be interesting listening to bernanke on wednesday. >> ben has already put it out there there's not a lot the fed can do if we go off the...
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ben bernanke grabbing the spotlight on wall street tomorrow. he's expected to announce additional treasury buying. our panel next telling us how that will impact your money. back in a moment. [ male announcer ] it's that time of year again. time for citi price rewind. because your daughter really wants that pink castle thing. and you really don't want to pay more than you have to. only citi price rewind automatically searches for the lowest price. and if it finds one, you get refunded the difference. just use your citi card and register your purchase online. additional treasury buying. [ male announcer ] now all you need is a magic carriage. citi price rewind. start saving at citi.com/pricerewind. >>> welcome back. we have breaking news on the fiscal cliff negotiations. eamon? >> we have a statement from john boehner's office. they're saying that they have made a counter proposal now to the white house. let me read you the statement. they say, we sent the white house a counter offer that would achieve tax and entitlement reform to solve our loo
ben bernanke grabbing the spotlight on wall street tomorrow. he's expected to announce additional treasury buying. our panel next telling us how that will impact your money. back in a moment. [ male announcer ] it's that time of year again. time for citi price rewind. because your daughter really wants that pink castle thing. and you really don't want to pay more than you have to. only citi price rewind automatically searches for the lowest price. and if it finds one, you get refunded the...
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also they are waiting to see whether or not federal chairman ben bernanke makes any comments about that. when he concludes at the conclusion of the two-day fed meeting occurring on tuesday and wednesday. again, dow industrials for the third day in a row looks like it is held to double digit range. today's range is about 56 points. let's look at a couple of dow movers. mcdonald's from the better than expected saim stores sells. weakness we are seeing in home depot along with other details sales numberes. but we continue to see strength in tech. dow and hewlitt packard with a possible break up of that firm. since november about the middle of november, when they hit a 52-week low, all of this despite weakness in apple, this group continues to perform very, very well. energy stocks higher earlier, drifting lower, that has the dow's lead from the highs of the session. lastly we want to note that dovert corporation, took the stock down a couple of points. >> no t.o. the nasdaq now, everybody is talking about apple once again down here, but there is a lot more happening at the nasdaq than just
also they are waiting to see whether or not federal chairman ben bernanke makes any comments about that. when he concludes at the conclusion of the two-day fed meeting occurring on tuesday and wednesday. again, dow industrials for the third day in a row looks like it is held to double digit range. today's range is about 56 points. let's look at a couple of dow movers. mcdonald's from the better than expected saim stores sells. weakness we are seeing in home depot along with other details sales...
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the podium waiting for ben bernanke to make his announcement. steve is inside that room and we will have live coverage of that event for you sccoming up as "street signs" comes up at 2. ceo of destination wealth management, i know you will be waiting to see how the fed chief elab rates on the process of coming to these particular targets. >> yeah, it will be fascinating as reported already. we have historic targets. something very specific that people have been screaming for. when is unwinding going to happen? he set the targets now. we will see what the language is. >> very quickly. what three stocks do you think would be a good play given the environment we're in. >> three quick names. first of all, master card. master card will continue to
the podium waiting for ben bernanke to make his announcement. steve is inside that room and we will have live coverage of that event for you sccoming up as "street signs" comes up at 2. ceo of destination wealth management, i know you will be waiting to see how the fed chief elab rates on the process of coming to these particular targets. >> yeah, it will be fascinating as reported already. we have historic targets. something very specific that people have been screaming for....
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if you're ben bernanke, why would you throw a curveball at this hour. we'll see. that press conference, a little more than 24 hours from now. >> we're continuing e inine ini more on trip adviser. look at the cnbc realtime exchange. we did see the features point to a higher open. here at the big board, coca-col coca-cola -- [ bell ringing ] >> and ringing the bell there. trip adviser, interesting deal, because the pricing at which the shares were bought. >> you've got to remember, of course, you have a change in voting control. it had been controlled by barry diller, it will now be controlled by liberty media. they will own 22% of the economics of trib adviser, but 57% of the total votes of the company, effectively controlling the company. so any thoughts you might have as a shareholder in erms it of the future takeover premium in terms of changing control. well, for now, don't expect them to go to the price that john malone and liberty are paying here. that's quite a price, $62.52 a share. we'll see what their stock does. we anticipate it will move up. but nowhere
if you're ben bernanke, why would you throw a curveball at this hour. we'll see. that press conference, a little more than 24 hours from now. >> we're continuing e inine ini more on trip adviser. look at the cnbc realtime exchange. we did see the features point to a higher open. here at the big board, coca-col coca-cola -- [ bell ringing ] >> and ringing the bell there. trip adviser, interesting deal, because the pricing at which the shares were bought. >> you've got to...
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>>> a news conference by chairman ben bernanke, set for wednesday.
>>> a news conference by chairman ben bernanke, set for wednesday.
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about the dollar as a result of the very aggressive policies that we've had from alan greenspan and ben bernanke, the dollar has lost about a third of its value over the last three years on the dollar index. does that mean that manufacturers like yourself will be forced to bring jobs back to america because now producing elsewhere and importing on that currency effect is now 30% more expensive? >> you know, in that case for us, that is not going to have a big impact. 80% or more of what we sell in the u.s. we already make in the u.s. we really believe in production and if you look at our business and all of the large markets around the world, we have established production basis. if anything, that's perhaps helped us a little bit because we do export about 15% of our u.s. production. overall the biggest impact that the change in currencies have had is really for us the brazilian and indian currencies which have devalued about 25% over the last year. the u.s. dollar change has not had a large impact on us. interesting to hear you talk about housing in this country. sherwin williams, depo
about the dollar as a result of the very aggressive policies that we've had from alan greenspan and ben bernanke, the dollar has lost about a third of its value over the last three years on the dollar index. does that mean that manufacturers like yourself will be forced to bring jobs back to america because now producing elsewhere and importing on that currency effect is now 30% more expensive? >> you know, in that case for us, that is not going to have a big impact. 80% or more of what...
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bernanke. >> absolutely. >> let's look at another area. >> can i add one more point? >> sure. >> when you look at it and larry summers was on this morning, whom i have great respect for, he had the piece from the imf study when you cut the deficit by 1%, what is the impact on the gdp. they didn't get into that this morning but if his numbers he's using 0.9 to 1.4, if you lose 2% to 3% of gdp you'll go to negative growth which will impact -- >> at the very least the wheels will be on the runway. >> absolutely. >> let's switch gears, mario draghi today, listen, i was so wrong and i don't know how long it will last but i give him credit, at least for this period of time, how long it lasts because there is no growth and recession in europe i can't answer but what were your observations on that press conference? >> last night when i wrote about it, mario draghi can put his feet up and have a stella and enjoy. he bought himself time. july 6th will be mario draghi's day of celebration because he stemmed the financial crisis in europe and bought time. berlusconi comes onto th
bernanke. >> absolutely. >> let's look at another area. >> can i add one more point? >> sure. >> when you look at it and larry summers was on this morning, whom i have great respect for, he had the piece from the imf study when you cut the deficit by 1%, what is the impact on the gdp. they didn't get into that this morning but if his numbers he's using 0.9 to 1.4, if you lose 2% to 3% of gdp you'll go to negative growth which will impact -- >> at the very...